flag-gb flag-my flag-zh flag-id flag-th flag-vi

Oil prices continue to move up

Oil prices continue to move up amid growing hopes that the US and some EU countries will begin using the COVID-19 vaccine as early as December this year. Investors are hoping that proactively combating the pandemic will help boost economic recovery and energy demand.

 

Back on Friday, it became known that Pfizer Inc and BioNTech have applied for permission from the US FDA to use the developed vaccine. Moderna also announced on the same day that it was close to obtaining a license to use the vaccine. Later, the head of the government operation "Warp Speed" said that a large-scale vaccination program for the population could begin on December 11. At the same time, many experts say that even with the advent of a viable vaccine, it will take a long time before production and logistics can fully recover. Only in this case can a stable tendency for the recovery of energy demand be formed.

 

Another driver for the growth of quotations is the reports that at the next meeting the OPEC countries may extend the current agreement to limit production for 3-6 months. As a reminder, the meeting of the energy ministers of the OPEC + countries will be held on November 30 - December 1.

 

Today the market will focus on economic news. Preliminary data on manufacturing and services PMI in the US and Europe will determine the further level of demand for risky assets.

 

The chart is dominated by bullish signals. The price went up from the flat at 41.10-42.10. The next target for buyers is the level 43.20. In the medium term, we can expect the growth of quotations above 44.00.

 

  • Resistance levels: 43.20, 44.00, 45.00.

 

  • Support levels: 42.10, 41.10, 40.40.

 

The main scenario is an increase to 43.20.

 

An alternative scenario is a decline below 42.10 and a fall to 41.10.

 

The current fundamental outlook is moderately positive. We consider longs in the area of โ€‹โ€‹the level 42.35.

Latest news

DEPOSIT BONUS 200%: PROLONGED TILL 04 JANUARY 2021!

2020-12-04 08:57:41

Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! ๐Ÿ† Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts ๐Ÿ“ How to get the bonus: 1) Register an […]